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Exco Resources Inc posted a lower-than-expected adjusted quarterly profit hurt by depressed natural gas prices, and said it plans to significantly reduce drilling during the year.

The Dallas-based company said it plans to operate an average of nine rigs in the Haynesville shale and three in Marcellus, down from 22 and four, respectively.

The company, which outlined a 2012 budget of $470 million, said it estimates net production to average about 500 million cubic feet of natural gas equivalent (mmcfe/d) per day, lower than the 552 mmcfe/d it produced last year.

Net loss widened to $166.6 million, or 78 cents a share, from $72.8 million, or 34 cents a share, a year ago.

On an adjusted basis, the company earned 9 cents a share.

Revenue rose about 30 percent to $179 million.

Analysts on average had expected the company to earn 17 cents a share, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $7.27 on Thursday on the New York Stock Exchange. The stock was down 2 percent in extended trade.

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